Form 10-Q
                               
              SECURITIES AND EXCHANGE COMMISSION
                               
                   Washington, D. C. 20549
                               
                               
(X)  QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES 
EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 1995

                              OR
                               
( )  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES 
EXCHANGE ACT OF 1934

For the transition period from ________________to _________________

For Quarter Ended September 30, 1995


                     TRANSNET CORPORATION
    (Exact name of registrant as specified in its charter)
                               

DELAWARE_________________          ______________22-1892295_________
(State or other jurisdiction of     (I.R.S. Employer Identification Number)
incorporation or organization)

45 Columbia Road, Somerville, New Jersey       08876-3576
(Address of principal executive offices)       (Zip Code)

Registrant's Telephone Number, Including Area Code:    908-253-0500

________________________________________________________________ 
Former name, former address and former fiscal year, if changed since last Report


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was 
required to file such reports), and (2) has been subject to such filing 
requirements for the past 90 days.

   Yes __X__            No _____

Indicate the number of shares outstanding of each of the issuer's classes of 
common stock, as of November 9, 1995:  5,216,804.



                     TRANSNET CORPORATION
                          FORM 10-Q
                               
                      TABLE OF CONTENTS
                               
                               
                               
                               
                               
                                                           Page No.


PART I.  FINANCIAL INFORMATION

     Consolidated Balance Sheets
          September 30, 1994 and June 30, 1995                     1


     Consolidated Statements of Operations
          Three Months Ended September 30, 1995 and 1994           2


     Consolidated Statements of Cash Flows
          Three Months Ended September 30, 1995 and 1994       3 - 4


     Notes to Consolidated Financial Statements                5 - 6


     Management's Discussion and Analysis                          7



PART II.  OTHER INFORMATION                                        9







            TRANSNET CORPORATION AND SUBSIDIARIES
                 CONSOLIDATED BALANCE SHEETS 
                         (UNAUDITED)
                            ASSETS
                               
                                           September 30,       June 30,
                                             1 9 9 5           1 9 9 5
CURRENT ASSETS:
  Cash and Cash Equivalents         $         1,267,532     $  1,549,206
  Accounts Receivable - Net                   7,973,773       10,201,044
  Inventories                                 3,718,179        5,011,791
  Other Current Assets                          825,299          413,053

  TOTAL CURRENT ASSETS              $        13,784,783     $ 17,175,094

PROPERTY AND EQUIPMENT - NET        $           495,940     $    529,096

OTHER ASSETS:
  Deposits and Other Assets         $         1,581,590     $  1,582,522

  TOTAL ASSETS                      $        15,862,313     $ 19,286,712

                               
                               
             LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Accounts Payable                  $         5,139,007     $  8,331,318
  Accrued Expenses                              412,175          647,843
  Deferred Income                               227,520          328,100
  Other Current Liabilities                     181,783          313,739

  TOTAL CURRENT LIABILITIES         $         5,960,485     $  9,621,000

STOCKHOLDERS' EQUITY: 
  Capital Stock - Common $.01 
  Par Value, Authorized 15,000,000 
  Shares; Issued 7,294,524 Shares 
  (of which 2,252,720 are 
   in Treasury)                     $            74,695     $     74,695

  Paid-In Capital                            10,686,745       10,686,745
  Retained Earnings                           5,358,031        5,121,915

  Totals                            $        16,119,471     $ 15,883,355
  Less:  Treasury Stock - At Cost            (6,217,643)      (6,217,643)

  TOTAL STOCKHOLDERS' EQUITY        $         9,901,828     $  9,665,712


TOTAL LIABILITIES AND STOCKHOLDERS'
  EQUITY                            $        15,862,313     $ 19,286,712


See Notes to Consolidated Financial Statements.
       



             TRANSNET CORPORATION AND SUBSIDIARY
                               
            CONSOLIDATED STATEMENTS OF OPERATIONS
                               
                         (UNAUDITED)


                                            THREE MONTHS ENDED SEPTEMBER 30,
                                               1 9 9 5        1 9 9 4


REVENUE                              $        15,729,967     $ 11,116,234

COST OF REVENUE                               14,013,222        9,737,077

  GROSS PROFIT                       $         1,716,745     $  1,379,157


EXPENSES
Selling, General and
  Administrative Expenses            $         1,425,518     $  1,234,360
Bad Debt Expense                                  12,000           10,000

                                     $         1,437,518     $  1,244,360


OPERATING INCOME                     $           279,227     $    134,797

OTHER INCOME (EXPENSE)
  Interest Income                    $            17,926     $     10,917
  Interest Expense                               (61,037)         (12,662)

  TOTAL OTHER INCOME (EXPENSE) - NET $           (43,111)    $     (1,745)

INCOME BEFORE PROVISION
  FOR INCOME TAXES                   $           236,116     $    133,052

PROVISION FOR INCOME TAX                               0                0


NET  INCOME                          $           236,116     $    133,052

INCOME PER COMMON SHARE              $              0.05     $       0.03



See Notes to Consolidated Financial Statements.





             TRANSNET CORPORATION AND SUBSIDIARY
                               
            CONSOLIDATED STATEMENTS OF CASH FLOWS
                               
                         (UNAUDITED)


                                            THREE MONTHS ENDED SEPTEMBER 30,
                                                 1 9 9 5           1 9 9 4


OPERATING ACTIVITIES:
   Net Income                              $       236,116     $    133,052
   Adjustments to Reconcile Net Income 
        to Net Cash:
   Depreciation and Amortization           $        36,756     $     47,736

Changes in Assets and Liabilities:
   (Increase) Decrease in:
   Accounts Receivable                           2,227,271       (1,468,418)
   Inventory                                     1,293,612         (543,293)
   Other Current Assets                           (412,246)        (328,293)
   Other Assets                                     (2,668)          (3,748)

Increase (Decrease) in:
   Accounts Payable and Accrued         
     Expenses                                   (3,427,979)       1,187,563
   Deferred Income                                (100,580)        (209,497)
   Other Current Liabilities                      (131,956)         (17,133)

Total Adjustments                          $      (517,790)    $ (1,335,083)

NET CASH - OPERATING ACTIVITIES - FORWARD  $      (517,790)    $ (1,202,031)


INVESTING ACTIVITIES:
   Capital Expenditures                    $          ---      $       (875)

NET CASH - INVESTING ACTIVITIES - FORWARD  $          ---      $       (875)



See Notes to Consolidated Financial Statements.
                                                              
                               
                               
                               
             TRANSNET CORPORATION AND SUBSIDIARY
                               
            CONSOLIDATED STATEMENTS OF CASH FLOWS
                               
                         (UNAUDITED)
                               
                               
                               
                                       THREE MONTHS ENDED SEPTEMBER 30,
                                              1 9 9 5      1 9 9 4

NET CASH - OPERATING ACTIVITIES -
   Forwarded                            $   (281,674)    $ (1,202,031)


NET CASH - INVESTING ACTIVITIES -
   Forwarded                            $      ---       $       (875)


NET CASH - FINANCING ACTIVITIES         $      ---       $       ---            


NET INCREASE (DECREASE) IN CASH AND
   CASH EQUIVALENTS                     $   (281,674)    $ (1,202,906)


CASH AND CASH EQUIVALENTS AT
   BEGINNING OF PERIODS                 $  1,549,206     $  2,015,355


CASH AND CASH EQUIVALENTS AT
   END OF PERIODS                       $  1,267,532     $    812,449



See Notes to Consolidated Financial Statements.                


                               
             TRANSNET CORPORATION AND SUBSIDIARY
          NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (Information as of September 30, 1995 and 1994 is unaudited)
                               
                               
(1.) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
   
Consolidation:  The consolidated financial statements include the accounts of 
the Corporation and its wholly-owned subsidiary:  Century American Corporation.
Intercompany transactions and accounts have been eliminated in consolidation.  
During the prior year the Corporation liquidated four inactive subsidiaries 
whose activities were previously merged with the Corporation.
   
Inventory:  Inventory consists of finished goods.  The Corporation's inventory 
is valued at the lower of cost (determined on the average cost basis) or market.
 
Cash and Cash Equivalents:  For the purposes of the statement of cash flows, the
Corporation considers highly liquid debt instruments, purchased with a maturity 
of three months or less, to be cash equivalents.
   
Earnings Per Share:  Earnings per common share are based on 5,216,804 and 
5,041,804 weighted shares outstanding for the periods ended September 30, 1995 
and 1994, respectively.
   

(2.)  INCOME TAXES
   
Effective July 1, 1993, the Corporation adopted Financial Accounting Standards
Statement No. 109, Accounting for Income Taxes ("FAS 109").  Under FAS 109, 
deferred tax assets and liabilities are determined based on differences between 
financial reporting and tax bases of assets and liabilities, and are measured 
using the enacted tax rates and laws that will be in effect when the differences
are expected to reverse.  Adoption of FAS 109 had no material effect on the 
Financial Statements.  Prior to the adoption of FAS 109, income tax expense was 
reported pursuant to Financial Accounting Standards Statement No. 96.
   
The Corporation has a deferred tax asset of $1,436,000 based on net operating 
loss carryforwards of approximately $2,900,000.  A valuation allowance of 
$1,172,450 has been provided against this deferred asset.  Realization of the 
tax asset is dependent upon future events effecting utilization of the net 
operating loss carryforwards ("NOL's"). NOL's expire in the years 2005 and 2006.
   
Current tax expense of $94,400 has been offset by the net operating loss 
carryforward benefit of $94,400.
   

(3.)  RECLASSIFICATION
   
Certain items from prior year's Balance Sheet and Statement of Operations have 
been reclassified to conform to the current year's presentation.
   
In the opinion of management, the accompanying unaudited consolidated financial 
statements contain all adjustments consisting only of normal recurring 
adjustments necessary to present fairly the financial position, the results of 
operations and cash flows for the periods presented.

These statements should be read in conjunction with the summary of significant 
accounting policies and notes contained in the Corporation's annual report on 
Form 10-K for the year ended June 30, 1995.

   
                                                                
                               
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF
        FINANCIAL CONDITION AND RESULTS OF OPERATIONS



Results of Operations

Revenues for the three months ended September 30, 1995 were $15,729,967 as 
compared with $11,116,234 for the quarter ended September 30, 1994.  For the 
quarter ended September 30, 1995 the Corporation reported net income of $236,116
as compared with net income of $133,052 for the corresponding period in 1994.  
The increase in revenues is due to increases in hardware sales as well as 
increased demand for the Corporation's technical services (hardware service 
contracts, technical support contracts and training).   

Earnings for the quarter ended September 30, 1995 are attributable to increased 
revenues, management's concentration on sales of network and system integration 
products which yield higher profit margins, the Corporation's technical service 
and support programs, and continued adherence to cost control measures.  Service
related revenues, though not a material source of the Corporation's revenues, 
are significant in their contributions to earnings because these operations 
yield a higher profit margin than equipment sales.  The Corporation anticipates 
that the technical service segments of its operations will continue to expand in
the future.  For the quarter ended September 30, 1995, the increase in revenues 
from the provision of service, support, outsourcing and network integration is 
largely the result of the Corporation entering into service contracts with a 
number of large corporate customers.  Most of these contracts are short-term, 
usually twelve months or less, and contain  provisions which permit early 
termination.  Although the contracts generally contain renewal terms, there is 
no assurance that such renewals will occur.    
  
With respect to hardware sales, the computer industry has experienced a trend of
decreasing prices of computers and related equipment.  Management believes that 
this trend will continue.  Industrywide, the result of price erosion has been 
lower profit margins on sales, which require businesses to sell a greater volume
of equipment to maintain past earning levels. To counter these factors and to 
maximize the Corporation's profit margin, management has modified its marketing 
strategy  and has enforced expense controls.  Management's current marketing 
strategy is designed to increase sales of lower revenue/higher profit margin 
products related to service and support operations.  Management's efforts 
include targeting commercial customers who provide marketplaces for a wide range
of products and services at one time, a cost-effective approach to sales.  
Management believes it maximizes profits through concentration on sales of 
value-added applications; promotion of the Corporation's service and support 
operations; and strict adherence to cost-cutting controls.  Management  
emphasizes the promotion of its technical service, support, outsourcing and 
network integration capabilities, and continues the aggressive pursuit of an 
increased volume of equipment sales and promotion of its training services. 

Interest income for the quarter increased as compared to the corresponding 
period in the prior year because of the increase in the amount of funds invested
and  higher yields.  Interest expense increased in the quarter ended September
30, 1995 compared to the same period in 1994 as a result of financing costs 
associated with increased inventory and sales volume.

Selling, general and administrative expenses decreased as a percentage of 
revenues for the quarter from approximately 11% in 1994 to approximately 9% of 
revenues for the 1995 quarter, due to management's strict adherence to 
cost-control measures. 
  


Liquidity and Capital Resources

There are no material commitments of the Corporation's capital resources.

The Corporation currently finances the purchases of portions of its inventory 
through floor-planning arrangements under which such inventory secures the 
amount outstanding.    Inventory decreased in the quarter ended September 30, 
1995 as compared to the corresponding period in 1994.  Management shall continue
its efforts to increase turnover and to provide the Corporation with protection 
against inventory obsolescence resulting from the rapid technological advances 
of the computer industry. 

Accounts receivable and payable, and inventories decreased, and cash levels 
correspondingly increased, for the period ended September 30, 1995 compared with
the same quarter in 1994 as a result of the purchase and payment cycle during 
the quarter.

For the fiscal quarter ended September 30, 1995, as in the fiscal quarter ended 
September 30, 1994, the internal resources of the Corporation were sufficient to
enable the Corporation to meet its obligations. 

                               
PART  II.
                               
                      OTHER INFORMATION


Item 6:  Exhibits and Reports on Form 8-K

          A.  Exhibits - None required to be filed for Part II of this report.

          B.  Reports on Form 8-K - None filed during the quarter for which this
              report is submitted.



                          SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the 
Registrant has duly caused this report to be signed on its behalf by the 
undersigned thereunto duly authorized. 



                                TRANSNET CORPORATION
                                (Registrant)



            
                                /s/ Steven J. Wilk
                                Steven J. Wilk, President



                                /s/ John J. Wilk 
                                John J. Wilk,
                                Principal Financial and Accounting Officer 
                                and Chairman of the Board of Directors




DATE:  November  11 , 1994